United Rentals replaces ABL credit facility with $4.5 billion facility due 2030
On July 10, 2025, United Rentals and certain subsidiaries entered into a Fifth Amended and Restated Credit Agreement with Bank of America N.A. and other lenders, providing a $4.5 billion senior secured asset-based loan facility that replaces the existing facility. As of July 9, 2025, $2,049 million was drawn and the borrowers had $2,428 million available for additional borrowings, subject to borrowing base limits. The facility matures July 10, 2030 and has no financial covenants other than a springing minimum fixed charge coverage ratio test.
Key points
- Facility size of $4,500 million, with $175 million reserved for ANZ borrowers and subject to borrowing base availability
- As of July 9, 2025: $2,049 million drawn and $2,428 million available, net of letters of credit
- Matures July 10, 2030; interest margins of 1.000% to 1.250% over SOFR, Euro or sterling rates, and an unused line fee of 0.20%
- Secured by first priority liens on substantially all assets of U.S. guarantors; the filing was signed by Joli L. Gross, Corporate Secretary
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:42 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 11, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.